ICICI Lombard increases stake in Fino PayTech to 5.25%; Stock dips 1%

27 Jan 2022 , 09:40 AM

ICICI Lombard General Insurance Company Limited has made an investment in the convertible warrants of Fino PayTech Limited. The company has received intimation from Fino PayTech Limited (FPT) regarding conversion of 1,500,000 convertible warrants held by the company into fully paid equity shares of face value Rs10 per share of FPT in the ratio of 1:1.

Post conversion of the ICICI Lombard warrants, the voting rights of ICICI Lombard have increased from earlier 4.14% to 5.25% in FPT.

“FPT is not a related party of ICICI Lombard. This transaction does not constitute a related party transaction. ICICI Bank Ltd and ICICI Prudential Life Insurance Company Ltd hold stake in FPT.

Post conversion of warrants of ICICI Lombard, the voting rights of ICICI Bank stands at 4.58% and ICICI Life stands at 8.77%. ICICI Lombard, ICICI Bank and subsidiaries and associates of ICICI Bank in the normal course of business may have business dealings with FPT at an arm’s length,” company said in its regulatory filing on Wednesday.

FPT is primarily engaged in providing technology-based solutions and services related to financial inclusion.

At around 9.42 am, ICICI Lombard General Insurance Company Ltd was trading at Rs1,326.95 per share down by Rs17.1 or 1.27% from its previous closing of Rs1,344.05 per share on the BSE.